Jack M Posted June 6, 2007 Report Share Posted June 6, 2007 Press release: American Skiing Company Announces Sale of Sunday River and Sugarloaf Resorts PARK CITY, UTAH - June 5, 2007 - American Skiing Company (OTCBB: AESK) announced today that it had entered into a definitive agreement to sell its Sunday River and Sugarloaf/USA resorts, both located in Maine, to Boyne USA, Inc. for $77.0 million in cash. Boyne will also assume $2.0 million in debt and other liabilities. The announced sale follows the review of strategic options for both resorts announced in March. "The longstanding relationship between ASC and the communities of Sunday River and Sugarloaf/USA extends to the very origins of our company," said ASC President and CEO B.J. Fair. "With so much of our company's roots and history here, it will be hard to part ways with these resorts. However, I am confident both resorts have an exceptionally bright future ahead of them. Boyne is an established operator and should bring a wealth of vision and resources to guide Sunday River and Sugarloaf/USA into their next stages of growth," added Fair. Sunday River features 131 trails spread across eight interconnected mountain peaks, serviced by a network of 18 lifts, including four high-speed quads. A recently constructed Robert Trent Jones, Jr. championship golf course, two full-service fractional ownership hotel and conference center properties, and numerous local attractions complement the four-season offerings of the resort. Located in the heart of Maine's Carrabassett Valley, Sugarloaf/USA boasts New England's longest continuous vertical drop (2,820 feet) and only lift-serviced above-treeline skiing. A full-service fractional ownership hotel and conference center, golf, mountain biking and fall foliage viewing are also important components of the resort's year round recreation offerings. Headquartered in Michigan, Boyne USA, Inc. is a privately held company that has interests in seven North American resort properties, including Big Sky Resort in Montana; Boyne Mountain, P.O. Box 4552 Park City, UT 84060 Phone: 435-615-0340 Fax: 435-615-4780 e-mail: investinfo@ascresorts.com Quote Link to comment Share on other sites More sharing options...
Boarder_Ted Posted June 6, 2007 Report Share Posted June 6, 2007 Did you happen to check out the prices of season passes at their current resorts? OUCH! Are the days of the cheap ASC passes gone. :( Guess we play the waiting game for a while longer yet. Thanks for keeping us informed. Quote Link to comment Share on other sites More sharing options...
trailertrash Posted June 6, 2007 Report Share Posted June 6, 2007 yeah, i almost care more about the pass prices than who owns it. Quote Link to comment Share on other sites More sharing options...
tex1230 Posted June 6, 2007 Report Share Posted June 6, 2007 Does ASC own anything besides the canyons now? (rumor has it that's for sale too) Quote Link to comment Share on other sites More sharing options...
Enzo Posted June 6, 2007 Report Share Posted June 6, 2007 they've sold off everything but Canyons. wonder how many fools have held onto their stock (AESK). It IPO'd at $14-15 in the late 1990's and is now hovering around $0.25. Ouch!!! The Globe reported that ASC passed over an offer from Les Otten. I also heard that LL Bean was a potential buyer for Sugarloaf. Quote Link to comment Share on other sites More sharing options...
Jack M Posted June 6, 2007 Author Report Share Posted June 6, 2007 The Globe reported that ASC passed over an offer from Les Otten. I also heard that LL Bean was a potential buyer for Sugarloaf. Les Otten and Warren Cook (former SL owner) teamed up to make an offer together. LL Bean tested the waters, as did Disney. I've asked an insider for pass prices.... Quote Link to comment Share on other sites More sharing options...
Cindy Kleh Posted June 7, 2007 Report Share Posted June 7, 2007 "Does ASC own anything besides the canyons now? (rumor has it that's for sale too)" I'm wondering the same thing, too. ASC sold Steamboat to Intratheft this spring. Is this like a ski corporation garage sale? Quote Link to comment Share on other sites More sharing options...
bobdea Posted June 9, 2007 Report Share Posted June 9, 2007 has been quietly in the process disolving for awhile now I'll get the details sometime from somebody in the know at SR sometime here and I'll report all the dirty little ski industry secrets. too bad intrawest is still aroud, they blow Quote Link to comment Share on other sites More sharing options...
Paulk Posted July 7, 2007 Report Share Posted July 7, 2007 has been quietly in the process disolving for awhile now I'll get the details sometime from somebody in the know at SR sometime here and I'll report all the dirty little ski industry secrets. too bad intrawest is still aroud, they blow Got the EMail today...ASC will disolve into a memory shortly, assets to be divided amongst the shareholders, well, almost all the shareholders... "Holders of our Common Stock and Class A Common Stock are not expected to receive any payment or distribution with respect to their shares pursuant to our plan of dissolution after we make payments to our creditors and the holders of our Series C Preferred Stock." I wondered why the Stock fell to .02 so recently.... And yea, I was a shareholder. Should of held onto RIMM.....LOL Quote Link to comment Share on other sites More sharing options...
trailertrash Posted July 19, 2007 Report Share Posted July 19, 2007 Pass prices are posted here. not bad, not extremely high. Quote Link to comment Share on other sites More sharing options...
guido591 Posted July 20, 2007 Report Share Posted July 20, 2007 Hell, that is better (and offers more options and combined terrain) than what Killington is offering ($999 unlimited and $599 blackout). Quote Link to comment Share on other sites More sharing options...
Pat Donnelly Posted August 10, 2007 Report Share Posted August 10, 2007 http://www.firsttracksonline.com/index.php?name=News&file=article&sid=2688 Quote Link to comment Share on other sites More sharing options...
Enzo Posted August 10, 2007 Report Share Posted August 10, 2007 Could this eventually mean that the 08/09 Threedumb pass will include Loon, Sunday River & Sugarloaf (all CNL resort properties)?!?!?!?! I certainly hope so!!! Quote Link to comment Share on other sites More sharing options...
Jeffrey Day Posted August 10, 2007 Report Share Posted August 10, 2007 but it would appear that Bretton Woods, NH is part of this whole deal. Could be interesting... Quote Link to comment Share on other sites More sharing options...
Boarder_Ted Posted August 10, 2007 Report Share Posted August 10, 2007 ...how doe Bretton Woods fall into this whole thing? Did I miss something somewhere? I thought they were privately owned. Quote Link to comment Share on other sites More sharing options...
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